- Shiba Inu has expanded the capabilities of their network by developing a layer two blockchain network that will address all its scalability issues.
- SHIB’s price has rallied nearly 60% to its highest price since November 2022.
- Experts have stated that its token SHIB may have had a profit value reaching $0.00002063, a 35% increase from January 2021 to date
Shiba Inu is a well-known and leading meme coin alongside Dogecoin and Tamadoge. Its recent fame and glory have seen its market value exponentially rise throughout recent years. Shiba Inu is mainly known for its numerous partnership, from Netflix to Amazon. This altcoin is forging its path unlike any other. Many now know the story behind Shiba Inu’s success. What started as a joke slowly evolved into a multi-billion dollar franchise. It is now gunning to overtake Dogecoin and be the “top dog” in the crypto industry. Its diversity has led Shiba Inu to expand its functionalities. The meme coin is planning on launching a layer three blockchain network, Shibarium.
Even before its launch, Shibarium significantly increased Shiba’s market value by at least 42%. With its launch day slowly approaching, the SHIB token price has jumped 60% since November 2022 after the crypto industry’s collapse.
Shiba Inu understands and experiences the value of a layer two blockchain network.
The main driving force for this top meme coin is to one day surpass its “original version”, DOgecoin. During its debut, many people thought of it as a joke since it greatly resembled the altcoin Dogecoin. Over the years, the minds behind Shiba Inu were fed up and decided rather than mimic Dogecoin, surpassing it would be a much more remarkable feat.
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Armed with these motivations, Shiba has gathered the resources and now poses an active threat to Dogecoin’s value. Furthermore, Shiba decided to expand the capabilities of their network. As a result, they have developed a layer two blockchain network that will address all its scalability issues.
What is a layer two blockchain network?
A layer two blockchain network refers to a secondary framework or protocol built on top of an existing blockchain network. The main aim of any blockchain network to build these protocols is to solve transaction speed and scaling difficulties for any growing blockchain network.Ordinarily, a single blockchain network such as Shiba would not have the standard capabilities to process thousands of Transactions per second. In doing so, Shiba Inu would increase efficiency while still having enough utilities to support other networks.
This kind of processing is usually implemented by crypto platforms such as Bitcoin with its Bitcoin Lightning Network also in Ethereum.
Shiba Inu’s layer two blockchain network, Shibarium, will be created as an alternative to its primary chain. By doing this, the top meme coin can provide a more sustainable ecosystem for holders, address issues such as high volatility, and create a clear plan for token utilization.
In addition, Shibarium is an improvement of the altcoin’s network. Its enhanced user experience will assist Shiba Inu in finally achieving its long-term goal of being the top meme coin.
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Shibarium also attracted potential developers due to the various faster and cheap transactions it enables.
Shibarium also offers plenty of perks for loyal customers. All SHIB owners will have access to the Shibarium network and, in addition, receive exclusive features such as the SHIBADAO airdrop earning additional rewards.
Shiba Inu’s consistent rise since 2022
Many within the crypto world have extensively suffered from the downfall of crypto trading. Most crypto traders significantly lost their value, and some filed for bankruptcy. Even Shiba Inu significantly lost its value, but even since its layer two blockchain network launch, the altcoin is seeing some light at the end of the tunnel.
SHIB’s price has rallied nearly 60% to its highest price since November 2022.
The gains were noticeable due to the favourable macro conditions that were supposed to cause a similar rally in the crypto market.
By taking the initiative and building the Shibarium, Shiba made a substantial profit.
Aside from building a layer two blockchain network, this top meme coin has excessively ought assets daily. Shiba overbought thresholds of 70; ideally, the relative strength index (RSI) prompts investors to unload their roist to unload their position, leading to a spike in their overall price.
Also, Read Shiba Inu partners with FCFPay to venture into Netflix and Amazon payments.
Its studies and efforts are still noticeable as Shiba Inu steadily rises to fame. Experts have stated that its token SHIB may have an inclined profit value reaching $0.00002063. This is a 35% increase from its current price.
In hindsight, Shiba Inu has survived this crypto winter and is constantly trying to improve.
Shiba’s layer two blockchain network, Shibarium, is a positive inclination of the altcoin. Before its launch, loyal crypto traders of this top meme coin are in FOMO mode and cannot wait for its release. Shiba Inu has shown the entire world what diligence and hard work can do for those who appear as a joke for the first time.